I transferred a balance to a new card with a 0% APR... - Balance Transfers Questions


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Credit Card Applications » Questions » User Questions » Balance Transfers » I transferred a balance to a new card with a 0% APR promotional rate so I could pay my debt...

I transferred a balance to a new card with a 0% APR promotional rate so I could pay my debt down faster. Can I still use the card to make purchases while I am making payments on my transferred balance?

Answered on | Updated on July 22nd, 2016
The content is accurate at the time of publication and is subject to change.

That’s a good question, and one that many people don’t think to ask before using their new balance transfer credit cards. In fact, you can use your new card to make purchases – but it’s not a good idea to do so. The reason is that if you charge things to your new card, you’ll pay a higher rate of interest on those purchases, and while you’re paying good money to pay down your debt, you’ll be incurring more debt on those new purchases. So you’re better off getting two new credit cards: one with a zero interest on purchases introductory offer, and a separate one to transfer your balance to, so you can pay that down interest-free. In an ideal world, you wouldn’t carry a balance on another credit card at all, until you’ve paid off the first balance on your 0% APR card, but if you must buy more things on a credit card, use a different one if you can.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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Intro APR on Balance Transfer: 0% 12 months on Balance Transfers

Ongoing APR on Balance Transfer: 15.74% - 25.74% (Variable)

Balance Transfer Fee: 3% of each balance transfer; $5 minimum.

Excellent, Good Credit

Intro APR on Balance Transfer: 0% (first 12 billing cycles following each balance transfer that posts to your account within 45 days of account opening)

Ongoing APR on Balance Transfer: 18.24%, 22.24% or 25.24% variable based on your creditworthiness

Balance Transfer Fee: Either $5 or 3% of the amount of each transfer, whichever is greater

Good/Excellent Credit
See Rates & Fees

Intro APR on Balance Transfer: 0% Intro APR for 12 months

Ongoing APR on Balance Transfer: Variable APR of 15.24%, 19.24% or 25.24%

Balance Transfer Fee: Either $10 or 4%, whichever is greater, will apply on each balance transfer and credit card check

Good, Excellent Credit
See Rates & Fees

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